JINDALSTEL: Combining Diametric Pattern with Ichimoku cloud
May 17, 2024
Elliot wave helps us to catch big moves well in advance and if we combine it with simple price action then it is possible to form powerful trade setups.
We published about Jindal Steel in our Financial Wave short-term update on 15th May 2024 which our subscribers receive pre-market every day.
JINDALSTEL Daily Chart Anticipated as on 15th May 2024
Wave Analysis as on 15th May 2024
Jindal Steel showed a sharp rise and gained more than 4% in the previous session and made a fresh record high at 983.3. At the end of the day, the stock formed a big bullish candle.
On the daily chart, the stock is moving well within an upward-tilted channel. As per wave perspective, wave iii is unfolding on the upside which is subdividing. Wherein, the last leg of the diametric pattern is ongoing on the upside in form of wave g. Also, the base line(red) of the Ichimoku cloud has acted as brilliant support. A recent bounce came precisely from it!
In short, the trend for Jindal Steel is positive. Use dips as a buying opportunity with the targets of 1000 as long as 845 holds on the downside which is important support.
JINDALSTEL Daily Chart Happened as on 17th May 2024
Happened:
The wave counts have helped us to predict this move well in advance. We have been mentioning in our Equity report about the possibility of wave f completion on the downside and anticipated trend reversal in form of wave g. After we published the report on 15th May 2024, the price kept moving higher and hit our target and recently made a high of 1027.5 which is more than 5% move in just 3 days of span!
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